Excellencies, Distinguished delegates
Our world is increasingly facing climate-induced disasters. For many developing countries, climate change is looming large over their very existence.
Urgent climate action is the need of the hour.
While developing countries have contributed little to climate change, they are the most vulnerable to climate-induced disasters, and also the most lacking in terms of capacity to deal with those disasters.
Climate action by all countries is crucial. However, a serious discourse on means of implementation is necessary to tackle climate change effectively.
For countries, with tremendous development challenges, climate goals can be fully realized only with support in terms of finance, low-carbon technology transfer, and capacity-building, as envisaged under the UNFCCC and its Paris Agreement.
It is disconcerting that developed countries have not fulfilled their commitment to jointly mobilize USD 100 billion climate finance per year. The actual requirement of climate finance is in trillions, and is more immediate.
The Standing Committee on Finance (SCF) of the UNFCCC, has estimated that resources in the range of US$ 5.8 trillion to US$ 11.5 trillion are required till 2030 to meet the targets set by developing countries in their Nationally Determined Contributions (NDCs) and other communications.
Several proposals of India, which are in line with the needs and priorities of the developing countries, are under consideration in the Standing Committee on Finance -- including on definition of climate finance; nature and quantum of the New Collective Quantified Goal (NCQG); and making finance-flows consistent with Paris Agreement goals.
We hope that all members will support the work on climate finance to reach an agreement on the definition of climate finance by COP28.
We look forward to reaching an ambitious climate finance goal from the floor of USD 100 billion. As the needs are in trillions, the goal must be ambitious. Further, the quality of the goal, timeliness, affordability and accessibility are equally important.
India, on its part, has actively contributed to the global fight against climate change and its impacts. India has consistently made ambitious commitments under the UNFCCC framework and acted on those commitments.
India has also pioneered, together with partner countries, global initiatives contributing to global climate action. These include the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Infrastructure for Resilient Island States, and Leadership Group on Industry Transition. India has also launched the Mission LiFE (Lifestyle for Environment) to bring individual behavioural change at the forefront of the global climate action narrative.
Climate Change has been a key priority of G20 under our Presidency. Under the theme of ‘One earth, One family, One future’ India’s G20 Presidency has pushed for an inclusive, ambitious and action-oriented Climate agenda.
Ambitious outcomes adopted by G20 towards climate action include:
· Action Plan on Accelerating Progress on the SDGs;
· A Green Development Pact that covers just and inclusive energy transition, sustainable lifestyles, climate finance, Ocean-based Economy, ending plastic pollution, disaster resilient infrastructure
· A Global Biofuel Alliance that seeks to expedite the global uptake of biofuels through facilitating technology advancements
Excellencies,
We have only one earth, with one shared future. We hope that the fight against climate change will unite the world as one family.